The Limited Liability Company, or LLC, is a legal business structure that seeks to combine benefits from across several other traditional business forms. Limited liability is an advantage that the LLC shares with the corporation, but instead of being taxed as its own entity, it is treated more like a sole proprietorship or partnership for tax purposes. An LLC can also have an unlimited amount of shareholders, like a corporation. However, the LLC is dissolved if one of those members dies or files for bankruptcy. Many business forms have historically been aimed at the goal of limited liability, but the LLC is the most modern of these forms, having become popular since the enactment of laws in Texas that authorized its formation.
Can My Business Be Formed as an LLC?
Texas allows a company to incorporate using the business form it chooses. To begin as an LLC, a company simply files the necessary form with the Secretary of State. However, fees are often required to form a LLC. The actions of LLC's as well as the costs for operating them are determined by Texas law. You should consider these laws when deciding whether to organize your business as an LLC. Finding the right business structure for your company may take some effort, but it will ultimately make your business more profitable.
Can I Change the Form of My Business to an LLC?
Businesses in Saginaw may change their forms in certain circumstances. Whether a business may convert to a LLC or not is determined by Texas law.
How Can an Attorney Help?
A lawyer versed in Texas business law will be able to advise you of the benefits and costs for forming and maintaining a LLC.